How To Stop The Bank From Foreclosing On Your Hawaii House

People fall behind on their mortgages every day. In our latest post, we can help you learn how to stop the bank from foreclosing on your Hawaii house!

Foreclosure can be a difficult and frustrating process. Not only will you lose your house, but you may also lose your pride and possibly years of sweat equity. It can be difficult for anyone to handle. But what you need to know is that it happens to people all the time. You are not the first person going through it, and you certainly won’t be the last. The good news is that if you are still in possession of your house, there are some things you can do to stop the banks from taking your house to the auction block. But first…

Why Do Banks Foreclose?

Banks foreclose after multiple missed payments. The process usually begins after three straight payments whereby the bank will issue the borrower a Notice of Default (NOD). This can happen to the very best people and for all sorts of reasons. Divorce, job loss, the death of a loved one, family addition, and sudden illness are all common causes of missed payments. The last thing people need in any of these situations is to lose their house on top of everything else they are going through. If you are not able to repay the bank what you own, the bank will foreclose on the property and resell at auction in an effort to recoup their money.

What You Can Do To Stop It

Find A Buyer… Quickly

When you sell your house, the foreclosure process will stop in its tracks. You can try to find a buyer who can close quickly on your own, or you can call Oahu Home Buyers, who will always pay you a fair and honest price for your Hawaii house. If you sell on your own to a buyer using financing, the sale could end up taking weeks or months to be finalized, and by then the bank may have already foreclosed. With a direct sale to Oahu Home Buyers, you will typically be able to sell your house in days or weeks instead of months.

Short Sale

If you owe more than the house is worth, this could be a good solution for you. A short sale happens when a homeowner and the bank agree to sell the house for less than what is owed on the mortgage. The bank will agree to this if the home has dropped in value and the homeowners aren’t able to make the payments. The bank would rather recoup the majority of what is owed instead of going through the long and lengthy foreclosure process. A short sale will look much better on your credit record than a foreclosure will.

Work Out A Deal

When you first realize you are having difficulties making your mortgage payment, give the bank a call first. They would rather work with you then deal with missed payments and foreclosure. Look into a loan modification or changing the terms of your loan. You might be able to refinance and lower your payments. If you have missed a few payments, try to set up a payment plan to get back on track. Some lenders will agree to a forbearance, forgiving the missed payment and adding it on to the end of your loan term. Before you do anything drastic, talk to the bank first. They are used to dealing with these situations and will likely have a solution to help you.

File For Bankruptcy

If you file for bankruptcy, the lenders cannot attempt to collect payment until the court allows it. Make sure you choose the right type for your needs, Chapter 7 or Chapter 13, and that you have talked this through with an attorney. Filing for bankruptcy can have adverse effects on you and your credit for years to come. (NOTE: this is not legal advice as we are not licensed attorneys)

Do you need to sell your Hawaii house before the bank forecloses? We can help! Send us a message or give us a call today! (808) 333-3677

Oahu Home Buyers is your local Honolulu-based real estate company dedicated to helping Oahu and neighbor island homeowners who need a solution for their house or mortgage trouble. If you need to sell your house in Hawaii, then ask us for a free, fast 'as is' cash offer for your property. All types, all situations. We're here to help. We buy houses from homeowners just like you!

Hear What Others Have To Say…

Oahu Home Buyers

“Due to circumstances I made a decision to sell my property but didn’t want all the headaches of doing renovations, listings, staging & etc. After much consideration & discussions I did a private sale with Oahu Home Buyers. Michael Borger & his escrow team were very professional, responsive, and easy to work with which made the process pretty stress free.”

Robert N.

Oahu Home Buyers

Mike was able to help with the purchase of our house. I contacted him a year before we moved and he kept in touch throughout the year. We were allowed to leave when we wanted and got our money within days of leaving. Our old townhouse looks wonderful and that is thanks to Mike and his team. I would recommend to anyone looking to move and doesn’t want to hassle with dealing with realtors.

Joseph Rios, Waikele HI

Oahu Home Buyers

“Thank you so much for helping me with this property, was in foreclosure now I’m FREE.”

Joseph Fearon Jr, Ewa Beach HI

Oahu Home Buyers

“Dear Michael…. I want to thank you so much again for taking our case. You were a joy to work with, prompt, personal, kind and professional. It was an incredible relief… to have all this stress taken off our shoulders so rapidly, professionally, and may I repeat again, kindly. I am forever grateful to you.“

Kathryn Moerke, Honolulu HI

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Aloha. We are an Oahu, Hawaii real estate solutions and investment firm based in Honolulu, Hawaii that specializes in helping homeowners sell problem houses fast. We are not realtors, we are real estate investors and problem solvers who can buy your house fast on Oahu or neighboring Hawaiian Islands with a fair all-cash offer.